Malaysia’s king says he’ll take a 10% pay cut as citizens crowdfund $15 million to help pay off the nation's staggering debt

His Majesty the Yang di-Pertuan Agong XV Sultan Muhammad V at his official residence, Istana Negara on November 3, 2017 in Kuala Lumpur, Malaysia.

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Malaysia's king will take a 10% cut to his salary and
emoluments to help the government pay off a $251 billion
debt.

The king made the decision after citizens crowdfunded
more than $15 million towards the debt.

Malaysia's new government, elected last month,
discovered the "staggering" debt after taking office.

The former prime minister is suspected of being under
investigation for financial scandals.

Malaysia's king has offered to take a pay cut as the country
grapples with a surprise national debt of $251 billion.

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Yang di-Pertuan Agong XV Sultan Muhammad V said he will take a
10% cut to his salary and emoluments through until the end
of his reign in 2021 in response to an outpouring of donations
from Malaysian citizens to help pay off the country's national
debt.

The Royal Palace Comptroller Wan Ahmad Dahlan Ab Aziz said
on Tuesday the king was "deeply touched" by
crowdfunding donations and wanted to "join the people in doing
his duty."

Last month the the country's new government discovered a
national debt of one trillion ringgit (about $251
billion), which is 80% of the country's GDP, shortly after taking
office.

Citizens independently began crowdfunding campaigns to help
pay off the debt. In response, the finance ministry set up the
Malaysia Hope Fund to provide a "systematic and transparent
platform" to donate directly to a government bank account.

The finance minister also promised to publicly update its
crowdfunding tally every day. As of June 12, less than two weeks
after launching, the Malaysia Hope Fund has received 61 million
ringgit ($15.3 million).

The result saw former Prime Minister Najib Razak, who had
been plagued by financial scandals in his last years in office,
hand power to the opposition alliance for the first time. Najib
is blacklisted from leaving the country and police have raided
properties linked to his family,
seizing $28.6 million-worth of cash and 284 luxury
handbags.

Last month, Prime Minister Mahathir Mohamad also announced
cabinet ministers had agreed to take a 10% pay cut.